GIFT TO WIFE

1. Better to make Gift deed with cheque transfer....... along with gift acceptance by receiver.

2. Any income received from the gifted amount to your wife will be clubbed in your hands.

3. Gift received by brother & sister (of your wife) will be tax-free in their hands u/s. 56(2)(vii) of I T act.

4. You may think of directly gifting such amount to your in-laws, that will also be non-taxable.

Most Welcome.... Dear..

Respected Expert..

Is Gift Deed mandatory in Gifting of Equity Shares held in Demat Account?

Is Gift received from my Own sister's Daughter is taxable?

Thanks in Advance

1. Yes, if non-relative. But in case he/she is relative, just confirmation letter/ affidavit is sufficient in the said gift.

2. Yes taxable if aggregate amount is Rs. 50,000/- or more. As per IT act she is not directly related to you. Rather she can gift it to her mother, and in tern your sister can gift you without any tax liabilities.